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The Pamphlet Collection of Sir Robert Stout: Volume 27

IV.—Calls

IV.—Calls.

6. The Directors may from time to time make Calls upon Shareholders in respect of all monies unpaid on their Shares and each Shareholder shall be liable to pay the amount of calls so made to the persons and at the times and places appointed by the Directors Provided that calls shall not exceed 5s. per Share and shall not be made in any case at intervals of less than three months.

7. A Call shall be deemed to have been made at any time when the resolution authorising such Call was passed.

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8. If before or on the day appointed for payment any Shareholder does not pay the amount of any Call to which he is liable then such Shareholder shall be liable to pay interest for the same at the rate of Ten pounds per cent, per annum from the day appointed for payment thereof to the time of actual payment.

9. On the trial or hearing of any action or suit which may be brought by the Company against any Shareholder to recover any debt due for any Call it shall be sufficient to prove that the name of the Defendant is on the Register of Shareholders of the Company as a holder of the number of Shares in respect of which such debt accrued and that notice of such Call was duly given to the Defendant in pursuance of these Articles and that such Call was not paid And it shall not be necessary to prove the appointment of the Directors who made such Call nor that a quorum of Directors were present at the Board at which such Call was made nor that the meeting at which such Call was made was duly convened or constituted nor any other matter whatsoever.

10. The Company may if they think fit receive from any of the Shareholders willing to advance the same all or any part of the monies due upon the respective Shares beyond the sums actually called for and upon the monies so paid in advance or so much thereof as from time to time exceeds the amount of Calls then made upon the Shares in respect of which such advance has been made the Company may pay interest at such rate as the Shareholder paying such sum or sums in advance and the Directors may agree upon.